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Abu Dhabi-based private equity firm Olive Rock Partners has acquired majority stakes in two dental chains – Dubai-based The Dental Studio and Abu Dhabi-based Al Bustan Medical Centre.
The private equity firm said it acquired the shares in partnership with their respective managing physicians. It did not disclose financial details of the deal.
With these two transactions, Olive Rock Partners Fund I will complete a total of three investments in its first year.
The two deals come more than a year after Olive Rock hand in hand Acquired a stake in the UAE hospital chain United Eastern Medical Services LLC (UEMedical) with US private equity firm Cerberus Capital Management. This is Olive Rock’s first investment transaction.
The regional private equity firm was founded last year by former Gulf Capital executives Muhannad Qubbaj and Abdullah Shahin. Olive Rock is raising its first fund. Last year, Abu Dhabi Catalyst Partners became a lead investor in Olive Rock. ADCP is a joint venture between Abu Dhabi’s sovereign wealth fund Mubadala and investment firm Falcon Edge.
TDS is one of Dubai’s leading dental chains, operating five clinics in Dubai. It was established in 2004. Established in 2008, Al Bustan operates three clinics in the catchment area.
“Both platforms are leaders in their respective markets and are uniquely positioned for M&A expansion within the United Arab Emirates’ complementary watershed,” said Shahin, founding partner at Olive Rock.
“To increase support for the development of the platform, we have provided international expertise to the company’s board and operating committee,” he added.
Qubbaj, founding partner at Olive Rock, said: “We have been interested in the dental industry for several years and have been actively seeking to invest in leading teams managing promising platforms in a regionally fragmented and high-growth market. We It is a pleasure to invest in two platforms that enjoy very sound and experienced leadership and strategic prospects.”
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